Although they do not believe an "elixir of life" will be discovered in the near future, they found that drugs which already exist, or are in development, coupled with lifestyle changes, could have a big impact on life expectancy.
"The ageing process is a biologically complex thing," said Dame Karen Dunnell.
"What we were trying to do is look into the biology of ageing and see what does really work. We found that having a long and healthy life is largely related to lifestyle and diet."
Ageing is essentially the observation that older members of a population are more likely to get sick and die than younger members. It is not an inevitable part of life because all cells contain a DNA blueprint which could keep a body functioning correctly forever. Some marine creatures do not age at all.
The ageing that we experience happens because of problems in cell division.
As well as the random errors, lifestyle factors such as smoking and drinking increase mutations. Over-eating is thought to increase mutations because it speeds up cell division.
Each time a cell divides it also shortens the protective caps on DNA, known as telomeres. It is thought that once the telomeres reach a minimum size they stop the cell dividing at all, a process known as senescence.
The build-up of senescent cells in an organ prevents the body's ability to repair damage. It is what causes wrinkles and age spots.
However, the process can be slowed down by eating well, exercising and taking drugs which switch off damaging biological pathways in the body, the panel found.
Experiments have shown that a calorie-restricted diet, such as fasting on alternative days, can increase the lifespan of animals by up to 65 per cent. A Mediterranean diet lowers the incidence of age-related disease.
Recent research suggests that burning an extra 1000 to 2000 calories a week may be enough to reduce mortality by up to 30 per cent. Drugs can also help. Statins are known to reduce cholesterol and so prevent heart disease, but they also have anti-inflammatory powers which lower mortality risk. The drug Rapamycin is also known to regulate cell division. Resveratrol, which is found in red wine, has been shown to extend lifespan in simple animals.
However, doing the right things has proved tricky, as Cardiff University found. In 1979, 2500 men were asked to follow five simple rules - eat well, work out, drink less, keep their weight down and never smoke.
Four decades on, just 25 pensioners managed to stick to the plan. But they are all far fitter and healthier than those who gave up.
